Paytm Layoffs
June 2024
Paytm announced a layoff affecting 3,500 employees in June 2024. The company operates in the Finance sector.
3,500
Jun 10, 2024
About
On June 10, 2024, Indian fintech giant Paytm, operated by One97 Communications, confirmed a new round of layoffs affecting an undisclosed number of employees. This restructuring follows a significant reduction in its workforce, with the sales division alone seeing a drop of about 3,500 employees, bringing the total headcount to 36,521 by March 2024. The primary catalyst for these job cuts is the severe regulatory action taken by the Reserve Bank of India (RBI), which banned Paytm Payments Bank from key services starting March 15 due to non-compliance issues. This ban has severely impacted operations, contributing to a widened quarterly loss of ₹550 crore. As part of its effort to streamline and drive profitability, Paytm is pruning non-core businesses and offering outplacement support and due bonuses to affected employees during this transition.
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